Posted at: 10/04/2013 12:36 PM
Updated at: 10/04/2013 12:48 PM
By: Elizabeth Reed, KOB.com
Albuquerque businesses can't wait to feel the economic impact of this year's Balloon Fiesta.
Event organizers expect more than 700,000 guests from around the world to head to Balloon Fiesta Park for the nine-day festival. If those visitors spend anywhere near what they did in years past, vendors say everyone will benefit.
"Balloon Fiesta does very well, there's enough money here at Balloon Fiesta for everybody to make a profit," said Ken Dewees, owner of Chile Traditions. "My biggest thing is I'm advertising my business to the world."
With more than 500 balloons from 18 counties and 38 U.S. states registered to participate, it won't be hard for Dewees and other business owners to get the exposure they're looking for.
A 2011 Balloon Fiesta study found the average visitor spent around $194 a day during the festival. The same study estimated the direct and indirect economic impact of Balloon Fiesta to be $117,124,897.
This year, officials estimate more than $90 million will be spent directly and indirectly at Balloon Fiesta.
The first event begins at 5:45 a.m. on Saturday, Oct. 5. For the full schedule and event information, visit KOB's Balloon Fiesta page.